Bharat Gupta vs Sebi

Date of Decision: 20.03.2023

Misc. Application No. 186 of 2023 And Misc. Application No. 187 of 2023 And Appeal No. 266 of 2023

Bharat Gupta R/o House No. V68, Sector-12, Tech Dadri, Distt. Gautam Budh Nagar, Noida, Uttar Pradesh- 201 301 ...Appellant

Versus

Securities and Exchange Board of India, SEBI Bhavan, Plot No. C-4A, G-Block, Bandra-Kurla Complex, Bandra (East), Mumbai- 400 051 ...Respondent

Mr. Amit Gupta, Advocate with Ms. Kapila Mahendroo and Mr. Vikas Gupta, Advocates for the Appellant.

Mr. Sumit Rai, Advocate with Mr. Manish Chhangani, Ms. Samreen Fatima and Mr. Sumit Yadav, Advocates i/b The Law Point for the Respondent-SEBI.

CORAM: Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member

Per: Justice Tarun Agarwala, Presiding Officer (Oral)

1.

The present appeal has been filed against an order dated

January 05, 2021 passed by the Adjudicating Officer ("AO" for 2

convenience) of Securities and Exchange Board of India

("SEBI" for convenience).

2. There is a delay in the filing of the appeal. The ground

urged is, that the impugned order was never served nor the show

cause notice was served and, therefore, the entire proceedings

was ex-parte without giving an opportunity of hearing.

3. In this regard, we find from a perusal of the impugned

order that service of the show cause notice was attempted upon

the appellant which came back undelivered and, thereafter the

summons were served through publication in the newspaper

which were published from Delhi/NCR and from Lucknow.

The appellant is, however, a resident of Noida.

4. Considering the peculiar facts and circumstances of the

present case we are satisfied that the appellant was not served

with the show cause notice nor was served with the impugned

order and therefore the delay in the filing of the appeal is

condoned. The application is allowed.

5. For the same reason the impugned order being passed ex-

parte cannot be sustained and is set aside. The appeal is 3

allowed. The matter is remitted to the AO to pass a fresh order

in accordance with law after serving a show cause notice and

after providing an opportunity of hearing. In this regard the

appellant shall appear before the AO on April 10, 2023 on

which date the show cause notice will be served upon the

appellant and the matter will proceed thereafter in accordance

with law. Misc. Applications are disposed of accordingly.

6. This order will be digitally signed by the Private Secretary

on behalf of the bench and all concerned parties are directed to

act on the digitally signed copy of this order. Certified copy of

this order is also available from the Registry on payment of

usual charges.

Justice Tarun Agarwala Presiding Officer

Ms. Meera Swarup Technical Member PRERNA Digitally signed by PRERNA 20.03.2023 PK MANISH MANISH KHARE Date:

KHARE 2023.03.21 16:19:41 +05'30'